PraxisIFM lists on The International Stock Exchange

12 April 2017

Guernsey-based independent financial services group PraxisIFM has listed on The International Stock Exchange (TISE).

The listing on the Guernsey-headquartered Exchange was confirmed on 12 April and provides PraxisIFM with access to capital markets and the ability to gain a potentially attractive acquisition currency, for use if a suitable acquisition opportunity were to arise.

Channel Island-based stockbroking and investment managers Ravenscroft sponsored the listing, while Appleby – the offshore law firm with offices in the Channel Islands – acted as lead counsel in both Guernsey and Jersey.

Simon Thornton, Chief Executive of PraxisIFM, was thrilled to announce the company’s listing as it would further broaden the group’s profile internationally, particularly within its target markets.

“The listing will strengthen our position as an employer of choice, enhancing our ability to attract and retain staff,” Mr Thornton added. “It will also provide existing shareholders with a market for their shares.”

Fiona Le Poidevin, Chief Executive of TISE, was pleased to welcome PraxisIFM onto the Exchange.

“It is great to see such a well-known Channel Islands business choosing to list on the Exchange and demonstrating a path which other companies could follow,” she said.

“The listing will strengthen our position as an employer of choice, enhancing our ability to attract and retain staff. It will also provide existing shareholders with a market for their shares.”
Simon Thornton, Chief Executive of PraxisIFM

Andrew Haining, as Non-Executive Chairman, and Iain Stokes, as Director, have joined the PraxisIFM board as a result of the listing.

Mr Haining, who is also Chairman of Channel Islands airline Aurigny, has extensive experience as a private equity investor and adviser. The Cambridge graduate co-founded Balmuir Partners in 2005 and was previously a founder investor and subsequently Chief Executive of London-based private equity fund manager Botts & Company.

Mr Stokes has extensive financial services experience following a career with BDO and Guernsey International Fund Managers Limited (part of ING Barings) before joining Mourant’s corporate and fund services business in 2003. As Group Managing Director, he was a member of the executive team that managed the sale of that business to State Street in 2010 and where he was a Senior Managing Director until 2012. He holds a range on non-executive directorships on fund management and fund investment companies focused on alternative asset strategies.

Jon Ravenscroft, Group Chief Executive of the listing sponsor, said it was testament to TISE’s growing reputation that companies with a global footprint like PraxisIFM were choosing to list with them.

Andrew Weaver, Partner of Appleby added that the lead counsel were proud to have worked with such an exciting and fast-growing business in such a major step in its development.

“It is great to see such a well-known Channel Islands business choosing to list on the Exchange and demonstrating a path which other companies could follow.”
Fiona Le Poidevin, Chief Executive of TISE

There were 502 new listing on TISE in 2016, a rise of 18.7% on 2015. The market capitalisation of all listed securities on TISE last year increased by £36 billion (10%) to reach £393 billion by the end of the year.

PraxisIFM has assets under administration in excess of $40 billion and revenues of more than £30 million, with around 300 staff across 10 jurisdictions.